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Electric vehicle giant Tesla has recently transferred approximately 11,500 BTC, valued over $765 million, to various unidentified wallets in a series of 26 transactions that commenced on October 15, data from Arkham Intelligence reveals. This activity marks the first movement since June 2022, with no current signs of these holdings being shifted to exchanges or an intent to sell from Tesla.
The transactions began with a test transfer at 8:41 pm UTC, significantly reducing the balance in the original wallet. While Tesla has pared down its Bitcoin engagement since its initial purchase in February 2021, Elon Musk’s other venture, SpaceX, maintains a robust position with over 8,285 BTC, establishing it as one of the top private Bitcoin holders globally.
As the financial community looks towards Tesla’s third-quarter results due after the market close on October 23, there is high anticipation around the strategic implications behind Tesla’s latest Bitcoin maneuvers and any potential parallel strategies from SpaceX.
